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Tiffany & Co. cuts sales, profit forecasts

A woman walks out of the Tiffany & Co store on Fifth Avenue in New York.

© Lucas Jackson / Reuters/REUTERS

Tiffany & Co. lowered its fiscal-year sales and profit forecasts on Monday, citing global economic conditions and weakness in key markets for the jeweller such as Europe and New York.

Tiffany reduced its global net sales growth forecast by 1 percentage point to range of 6 per cent to 7 per cent for the year ending in January. It lowered its full-year profit outlook to $3.55 to $3.70 a share from $3.70 to $3.80.

Global sales rose 1.6 per cent to $886.6-million in the second quarter ended on July 31, while sales at stores open at least a year fell 1 per cent, excluding the impact of currency fluctuations.

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Tiffany reported net income of $91.8-million, or 72 cents per share, for the quarter, compared with $90-million, or 69 cents per share, a year earlier.

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